2000 Legislation
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SENATE BILL NO. 1311 – Trust/certain/notice filing/expire

SENATE BILL NO. 1311

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Daily Data Tracking History



S1311.......................................by COMMERCE AND HUMAN RESOURCES
TRUSTS - Amends existing law to provide that a notice filing by a unit
investment trust expires eighteen months from the date received by the
Department of Finance unless extended at the director's discretion.
                                                                        
01/26    Senate intro - 1st rdg - to printing
01/27    Rpt prt - to Com/HuRes
02/04    Rpt out - rec d/p - to 2nd rdg
02/07    2nd rdg - to 3rd rdg
02/08    3rd rdg - PASSED - 34-0-1
      AYES--Andreason, Boatright, Bunderson, Burtenshaw, Cameron, Crow,
      Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
      Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh,
      Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
      Stennett, Thorne, Wheeler, Whitworth, Williams
      NAYS--None
      Absent and excused--Branch
    Floor Sponsor - Davis
    Title apvd - to House
02/09    House intro - 1st rdg - to Comm/Hu Res
02/11    Rpt out - ref'd to Bus
03/14    Rpt out - rec d/p - to 2nd rdg
03/15    2nd rdg - to 3rd rdg
03/23    3rd rdg - PASSED - 57-0-13
      AYES -- Barraclough, Barrett, Bieter, Boe, Bruneel, Callister,
      Campbell, Chase, Cheirrett, Clark, Deal, Ellsworth, Field(13),
      Field(20), Gagner, Geddes, Hadley, Hammond, Hansen(29), Hornbeck,
      Jaquet, Judd, Kellogg, Kempton, Kendell, Kunz, Lake, Linford,
      Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
      Moss, Moyle, Pearce, Pischner, Pomeroy, Reynolds, Ridinger, Ringo,
      Robison, Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stoicheff,
      Stone, Taylor, Tilman, Trail, Wheeler, Zimmermann
      NAYS -- None
      Absent and excused -- Alltus, Bell, Black, Crow, Cuddy, Denney,
      Gould, Hansen(23), Henbest, Jones, Stevenson, Wood, Mr Speaker
    Floor Sponsor - Smylie
    Title apvd - to Senate
03/24    To enrol
03/27    Rpt enrol - Pres signed - Sp signed
03/28    To Governor
03/29    Governor signed
         Session Law Chapter 76
         Effective: 07/01/00

Bill Text


 S1311
                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-fifth Legislature                  Second Regular Session - 2000
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1311
                                                                        
                         BY COMMERCE AND HUMAN RESOURCES COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE IDAHO SECURITIES ACT; AMENDING SECTION 30-1437, IDAHO CODE, TO
  3        PROVIDE THAT A NOTICE FILING REQUIRED TO BE FILED  BY  A  UNIT  INVESTMENT
  4        TRUST WILL EXPIRE EIGHTEEN MONTHS FROM THE DATE RECEIVED BY THE DEPARTMENT
  5        OF  FINANCE UNLESS ADDITIONAL TIME IS GRANTED BY THE DIRECTOR; AND PROVID-
  6        ING AN EFFECTIVE DATE.
                                                                        
  7    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  8        SECTION 1.  That Section 30-1437, Idaho Code, be, and the same  is  hereby
  9    amended to read as follows:
                                                                        
 10        30-1437.  FEES.  Fees  shall be fixed by the director and shall be paid in
 11    advance under the provisions of this chapter, but shall not exceed the follow-
 12    ing:
 13        (1)  (a) Except as otherwise provided herein, for the initial registration
 14        of securities by notification or coordination or qualification  or  for  a
 15        notice  filing pursuant to section 30-1433A(1), Idaho Code, there shall be
 16        paid to the director or to an organization designated by the  director,  a
 17        registration fee of five hundred dollars ($500) notwithstanding the number
 18        of  shares  registered. The notice filing fee for shares of a unit invest-
 19        ment trust shall be two hundred dollars ($200) notwithstanding the  number
 20        of shares to be offered or sold.
 21        (b)  Each  series  or portfolio of an investment company offering shall be
 22        required to make a separate notice filing under section 30-1433A(1), Idaho
 23        Code. Separate notice filings for classes of an investment company are not
 24        required so long as classes are used solely as a method of  distinguishing
 25        payment plans within a series or portfolio.
 26        (c)  Unless  renewed as provided in subparagraph (d) of this subsection or
 27        additional time is granted by the director, the notice filing  of  a  unit
 28        investment  trust  shall expire one (1) year eighteen (18) months from the
 29        date effective registration is granted to the offering by  the  securities
 30        and  exchange  commission received by the department. The notice filing of
 31        all other investment companies shall expire two (2) months after the  last
 32        day  of  the  issuer's next fiscal year end. The registration of all other
 33        offerings shall expire one (1) year from the date registration is  granted
 34        by the director. If the issuer is an investment company, other than a unit
 35        investment  trust,  with  a fiscal year end which falls within thirty (30)
 36        days after the effectiveness of a notice filing, such shares may  be  law-
 37        fully  offered or sold until two (2) months after the last day of the fol-
 38        lowing fiscal year of the issuer. No registration or notice filing may  be
 39        renewed at any time after the registration or notice filing has expired.
 40        (d)  For  the  renewal of a registration or notice filing made pursuant to
 41        section 30-1433A, Idaho Code, a renewal fee shall be paid to the  director
 42        in  an  amount fixed by the director not to exceed the amount specified in
 43        subparagraph (a) of this subsection for the securities of the issuer.
                                                                        
                                       2
                                                                        
  1        (e)  When an application for registration of securities is denied or with-
  2        drawn the director shall retain all fees paid by the applicant.
  3        (2)  For filing an annual statement the fee shall not exceed  ten  dollars
  4    ($10.00).
  5        (3)  For  registration  of  a broker-dealer or investment adviser or for a
  6    notice filing made pursuant to section 30-1406(4), Idaho Code, the  fee  shall
  7    not exceed one hundred dollars ($100) for original registration or for an ini-
  8    tial  notice  filing  and  one  hundred dollars ($100) for each annual renewal
  9    thereof. When an application is denied or withdrawn the director shall  retain
 10    the fee.
 11        (4)  For  registration  of a salesman or investment adviser representative
 12    the fee shall not exceed twenty dollars ($20.00) for the original registration
 13    with each employer and twenty dollars ($20.00) for each annual  renewal.  When
 14    an  application  is denied or an application or notice filing is withdrawn the
 15    director shall retain the fee.
 16        (5)  For certified copies of any documents filed with the director the fee
 17    shall be the cost to the department as determined by the director.
 18        (6)  For each examination, exemption,  opinion  letter  or  notice  filing
 19    under  section 30-1433A(2) and (3), Idaho Code, the fee shall not exceed fifty
 20    dollars ($50.00), which fee shall not be refundable.
 21        All fees, fines, examination and miscellaneous charges  collected  by  the
 22    director  pursuant  to  the  Idaho  securities act shall be deposited into the
 23    finance administrative account pursuant to section 67-2702, Idaho Code.
                                                                        
 24        SECTION 2.  This act shall be in full force and effect on and  after  July
 25    1, 2000.

Statement of Purpose / Fiscal Impact


                      STATEMENT OF PURPOSE
                           RS09358C1

This legislation amends the Idaho Securities Act to provide 
that the notice filings required to be filed for unit investment 
trusts will expire eighteen months from the date received by 
the Department, with authority to extend such time in the 
director's discretion.  Currently, the law provides that these 
filings expire one year from the date on which the offering 
becomes effective with the Securities and Exchange Commission.  
This amendment will allow the Department to readily ascertain 
when the filing expires, yet give sufficient flexibility to 
extend the time in those instances where SEC effectiveness is 
later.

                          FISCAL NOTE

No fiscal impact.

CONTACT
Name: Marilyn Scanlan
Agency: Department of Finance
Phone: 332-8070

Statement of Purpose/Fiscal Impact                        S131